Short CV of
Willi Semmler
Henry Arnhold Professor of Economics, and H.C. Fon University Skopje
New School for Social Research, 6 East 16th Street, 11th floor D-1123, New York, NY 10003
email: Semmlerw@newschool.edu
Research publications, advisory work and journal boards: Willi Semmler is author or co-author of seventeen books and of more than 90 refereed articles in international journals. He has published books in well known publishing houses such as Columbia University Press, MIT-Press, Princeton University Press, Cambridge University Press, and Oxford University Press. His research encompasses work climate economics, on climate change mitigation and adaptation, dynamic modeling, computational methods in economics and finance, and financial economics. In current research the interaction of climate and financial economics as well as projects on global warming, credit risk, and asset pricing and portfolio choice are pursued. Other areas, for which he has received research grants, are the economics of global warming, modeling and estimating the interaction of the financial market and real activity and a research project on "knowledge-based economies", funded by the EU. He was involved in advisory work for European Commission on the Macroeconomics of the EU, and in projects for the World Bank on the topic “Fiscal Policy and Economic Growth” which appeared in the WB working paper series. He was also visiting scholar at the IMF and the world Bank, and has co-authored IMF and World Bank working papers. He was visiting researcher at the ECB for which he also co-authored two ECB working papers. He was on the advisory board of the Journal of Economic Dynamics and Control and is currently associate editor of the Journal of Econometrics and Statistics (Elsevier).
He has numerous publications in the area of the Macroeconomics of Climate Change as well as on the link between Climate Economics and Financial Economics (for further literature, see my extended CV). Here are a selection of books and articles:
Recent Publications
I. Books
“Sustainable Asset Formation and Dynamic Portfolio Decisions”, (with C. Chiarella, C. Hsiao, and L. Mateane), Springer Publishing House, 2016.
“Global Environment, Natural Resources and Economic Growth” (with A. Greiner), Oxford University Press, 2008.
"Reconstructing Keynesian Macroeconomics. Macroeconomic Activity, Banking, and Financial Markets (with C. Chiarella and P. Flaschel), vol. 3, Routledge, 2014.
“The Macroeconomics of Global Warming” (with L. Bernard), eds, Handbook of Oxford University Press, 2014.
"Reconstructing Keynesian Macroeconomics. Volume I: Partial Perspectives (with C. Chiarella and P. Flaschel) vol. 1, Routledge, 2012, vol 2, 2013.
"Financial Assets, Debt and Liquidity Crises. A Keynesian Approach" (with C. Chiarella, P. Flaschel and M. Charpe), Cambridge University Press, 2012.
"Asset Prices, Booms and Recessions: Financial Economics from a Dynamic Perspective", Springer Publishing House, Heidelberg and New York, 2011, 3rd edition (2003, 2nd 2006).
II. Selected Refereed Articles
1. On Climate Economics
“Feedback, Dynamics, and Optimal Control in Climate Economics” (with L. Gruene, T Faulwasser, C. Kellet, and S. Well)), Annual Reviews of Control, 2019.
“Financing Low-Carbon Transitions through Carbon Pricing and Green Bonds” (with A. Gevorkyan, M. Flaherty, D. Heine, M. Mazzucato, E. Hayde), fortcoming, DIW Special Isue on Financing of Climate Policies, 2019.
“Climate Change and the Transition to a Low Carbon Economy – Carbon Targets and the Carbon Budget” (with U. Nyambuu), fortcoming Economic Modeling, 2019.
„Expediting the Transition from Non-Renewable to Renewable Energy”, (with H. Maurer), Discrete and Continuous Dynamic Systems, vol. 35, no 9, September, 2015.
“Economic Growth and the Transition from Non-renewable to Renewable Energy”, (with A. Greiner, L. Grüne), Environment and Development Economics 19 (4), 417-439, 2014
“Policy Scenarios in a Model of Economic Growth and Climate Change “(with H. Maurer and J. Preuss, in “The Macroeconomics of Global Warming” (with L. Bernard), eds, Handbook of Oxford University Press, 2014.
“Employment and Output Effects of Climate Change Policies” (with M. Kato, S. Mittnik, and D. Samaan), in The Macroeconomics of Global Warming” (with L. Bernard), eds, Handbook of Oxford University Press, 2014.
“Modeling the Dynamics of the Transition to a Green Economy” (2014), in V. Veliov, E. Moser, G. Trakel, and W. Semmler, Dynamic Optimization in Environmental Economics, Springer Publishing House .
“Trends in the Extraction of Non-renewable Resources: The Case of Fossil Energy “(with U. Nyambuu), Economic Modelling , vol. 37, pp 271–279, 2014.
“Economic Damages from Climate Change: A Review of Modeling Approaches (with T. Bonen and S. Klasen), SCEPA working paper 2014-13. Report on the Project: The Infrastructure Against Climate Change, funded by the Deutsche Forschungsgemeinschaft (DFG), the German Research Foundation.
“Using Nonlinear Model Predictive Control for Dynamic Decision Problems in Economics”, (with L. Gruene and M. Stieler), Journal of Economic Dynamics and Control, 60: 112-133,2015.
"An Economic Model of Oil Exploration and Extraction” (with A. Greiner and T. Mette), Computational Economics, 40 (4): 387–399, 2012.
"A Model of Oil Discovery and Extraction” (with Helmut Maurer), Applied Mathematics and Computation, vol. 217, no 13:1163-1169, 2011. “Economic Growth and Climate Change: Cap-and –Trade or Carbon Tax” (2009), SCEPA working paper, 2009-4, Published in After Cancún: Climate Governance or Climate Conflicts.
"Growth and Climate Change: Thresholds and Multiple Equilibria" (with A. Greiner and L. Grüne), in Dynamic Systems, Economic Growth, and the Environment", eds. J. C Cuaresma,T. Palokangas, and A. Tarasyev, Springer Publishing House, 63-77, 2010.
“A Model of Growth and Climate Change – Exploration of Scenarios” (with H. Maurer and J.-J. Preuss) in Growth and Climate Change, ed., T. Palokangas et al., Springer Publishing House, 2013.
“Economic Growth and Global Warming: A Model of Multiple Equilibria and Thresholds”, (with A. Greiner), Journal of Economic Behavior and Organization, vol. 57, no. 4: 421-430, 2005.
“Sustainable Economic Growth and Exhaustible Resources: A Model and Estimations for the U.S.”, (with A. Scholl), Discrete Dynamics in Nature and Society, vol. 7 (2), pp. 79-92, 2002. “Oil Price, Overleveraging and Shakeout in the Shale Energy Sector - Game Changers in the Oil Industry”, Economic Modeling, 2016 M. Flaherty, A. Gevorkyan, S. Radpour , and W. Semmler (2016), Financing climate policies through climate bonds – A three stage model and empirics”, Research in International Business and Finance, 2016.
A. Gevorkyan, M. Flaherty, D. Heine. M. Mazzucato, S. Radpour, and W. Semmler (2016): Financing Climate Policies through Carbon Taxation and Climate Bonds –Theory and Empirics, forthcoming, IMF working paper. “Oil Price, Overleveraging and Shakeout in the Shale Energy Sector - Game Changers in the Oil Industry”, Economic Modeling, 2016. 2. On Macroeconomics and Finance
“Oil Prices and Banking Instability: A Jump-Diffusion Model for Bank Capital Structure” (with S. Issa), accpeted, forthcoming, Energy Journal. 2019.
“Macroeconomic Regimes, Technological Shocks and Employment Dynamics” (with T. Ferraresi and A. Roventini), accepted, forthcoming Journal of Economics and Stastitics, 2019.
“Financial stress, regime switching and spillover effects: Evidence from a multi-regime global VAR model” (with P. Chen), Journal of Economic Dynamics and Control, Vol 91, 2018: 318-348.
"Short and Long Effects of Productivity on Unemployment" (with P. Chen), Open Economies Review, Springer, vol. 29(4), 2018, pages 853-878.
"Financial Market as Driver for Disparity in Wealth Accumulation—A Receding Horizon Approach" (with R. Chappe), Computational Economics, DOI: 10.1007/s10614-018-9870-1 (2018/19).
“Current account imbalances: A new approach to assess external debt sustainability” (with I. Tahri), Economic Modeling, Volume 62, April 2017, pp. 161-170.
"Financial Fragmentation and the Monetary Transmission Mechanism in the Euro Area: A Smooth Transition VAR Approach" (with H.-H.Kotz and I. Tahri), Studies of Nonlinear Dynamics and Econometrics, DOI: 10.1515/snde-2017-0097, 2018.
“Capital Flights, Exchange Rate Volatility and International Reserve Management” (with C. Proano and M. Kato), Research in International Business and Finance, Vol. 44, April 2018: 64-75 .
“Rebooting Europe--What Fiscal Union and What Social Union?” (with Brigitte Young), eds, Herr, H., and J. Priewe, Saving the Euro. Redesigning Euro Area Economic Governance. SE Publishing, 2017.
“An Extended Integrated Assessment Model for Mitigation & Adaptation Policies on Climate Change”, (with H. Maurer and T. Bonen), in “Lecture Notes in Economics and Mathematical Systems”, eds G. Feichtinger, R. Kovacevic, and G. Tragler, Springer Publishing House, 2018.
“Debt-deflation, financial market stress and regime change– Evidence from Europe using MRVAR (with E. Ernst and A. Haider), Journal of Economic Dynamics and Control, Volume 81, August 2017, Pages 115-139.
“Emerging markets' resource booms and busts, borrowing risk and regime change” (U. Nyambuu), Structural Change and Economic Dynamics, Volume 41, pp.29-45 2017.
“Interaction of Labour and Credit Market in Growth Regimes: A Theoretical and Empirical Analysis”, (with E. Ernst and S. Mittnik), Economic Notes, vol. 45, no. 3, pp. 393–422, 2016.
“Financing climate policies through climate bonds – A three stage model and empirics”, (with M. Flaherty, A. Gevorkyan, S. Radpour), Research in International Business and Finance, 42, 468-479, 2017.
“Asset Accumulation with Heterogeneous Households: The Rise of Wealth Disparity (with D. Parker), eds. B. Bökemeier, A. Greiner, Inequality and Finance in Macrodynamics, in Dynamic Modeling and Econometrics in Economics and Finance vol. 23, 2017.
“Overleveraging, Financial Fragility and the Banking-Macro Link: Theory and Empirical Evidence” (with S. Mittnik). Macroeconomic Dynamics, Vol 22, Special issue 1, 2018:4-32.
“Mind the output gap: the disconnect of growth and inflation during recessions and convex Phillips curves in the euro area,” (with M. Gross), ECB working paper, No: 2004, January 2017.
“Destabilizing effects of bank overleveraging on real activity–An analysis based on a Threshold MCS-GVAR, (with J. Henry and M. Gross), ECB working paper No: 2081, June 2017, Macroeconomic Dynamics, Vol 22, no 7, 2018:1750-1768.
“Inflation Targeting, Credit Flows and Financial Stability in a Regime Change Model,” (with M. Gross), Macroeconomic Dynamics, https://doi.org/10.1017/S136510051700102X ,2018.
“Banking Overleveraging and Macro Instability: A Model and VSTAR Estimations” (with F. Schleer). Journal of Economics and Statistics, vol. 236, no: 6, pp. 609-638, 2016
“Oil price, overleveraging and shakeout in the shale energy sector — Game changers in the oil industry” (with A. Gevorkyan), Economic Modeling, 54, 244-259, 2016.
“Financing Climate Policies through Carbon Taxation and Climate Bonds –Theory and Empirics” with A. Gevorkyan, M. Flaherty, D. Heine. M. Mazzucato, and S. Radpour (2017):, forthcoming, IMF working paper, 2017.
“Credit-Driven Investment, Heterogeneous Labor Markets and Macroeconomic Dynamics”, (with M. Charpe, P. Flaschel, M. Krolzig, C. Proano, D. Tavani), Journal of Economic Interaction and Coordination, vol. 10(1), p. 163-181, April, 2015.
“Investing to Mitigate and Adapt to Climate Change: A Framework Model” (with A. Bonen, P. Loungani, W. Semmler, and S. Koch), IMF working paper, W16/164, 2016
“ The perils of debt deflation in the euro area - a multi regime model” (with A. Haider), Empirica, Volume 43, Issue 2, pp 257–278, 2016
“Overleveraging, Financial Fragility and the Banking-Macro Link: Theory and Empirical Evidence”, (with S. Mittnik), forthcoming Macroeconomic Dynamics, 2015/2016.
“Financial Sector-Output Dynamics in the Euro Area: Non-Linearities Reconsidered”, (with F. Schleer), Journal of Macroeconomics, vol 46, pp. 235-263, 2015.
“A Stochastic Model of Dynamic Consumption and Portfolio Decisions”, (with M. Mueller), Computational Economics, vol 47, no. 1, pp. 1-27, First online: 04 September 2015.
“Long Waves in Prices: New Evidence from Wavelet Analysis”, (with M. Gallegati and J. Ramsey), Cliometrica, vol 10, no. 3, 2015
“Using Nonlinear Model Predictive Control for Dynamic Decision Problems in Economics”, (with L. Gruene and M. Stieler), Journal of Economic Dynamics and Control, vol 60, pp. 112-133, 2015.
“Trends in the Extraction of Non-renewable Resources: The Case of Fossil Energy" (with U. Nyambuu), Economic Modelling, vol. 37, pp. 271–279, 2014.
“Financial Stress, Sovereign Debt and Economic Activity in Industrialized Countries: Evidence from Nonlinear Dynamic Panels”, (with C. Schoder and C. Proano), Journal of International Money and Finance, 45, p. 17-37, 2014.
“Monetary Policy and International Reserves: Empirical Evidence from East Asian Countries", (with P. Shrestha), International Journal of Finance & Economics, vol. 20, no. 3, pp. 191-290, 2014.
“The US Wage Phillips Curve Across Frequencies and Over Time" (with M. Gallegati, M. Gallegati, J. Ramsey), Oxford Bulletin of Economics and Statistics, vol. 73. no 4, pp. 489-508, 2011.
“The Real Consequences of Financial Stress.” (with S. Mittnik), Journal of Economic Dynamics and Control, vol. 37, no. 8, 2013.
“Are the Current Account Imbalances in EMU Countries Sustainable?” (with C. Schoder and C. Proano), Journal of Applied Econometrics, 2013.
“A Dynamic Portfolio Approach to Asset Markets and Monetary Policy” (with E. Platen), in Stochastic Processes, Finance and Control, ed by S. Young, World Scientific Publisher, 2013.
“Time Scale Analysis of Interest Rate Spreads and Output Using Wavelets” (with M. Gallegati and J. Ramsey), Axioms, March 2013.
“Boom-Bust Cycles; Leveraging, Complex Securities and Asset Prices,” (with L. Bernhard), Journal of Economic Behavior and Organization, vol 81, no. 2, pp. 442-465, 2012.
“Macroeconomic Stabilization Policies in Intrinsically Unstable Macroeconomies, (with C. Chiarella, P. Flaschel, P. Koeper, C. Proano), Studies in Nonlinear Dynamics and Econometrics, vol 16, no 2, April, 2012.
”Dynamic Consumption and Portfolio Decisions with Estimated Low Frequency Movements of Asset Returns and Labor Income”, Journal of Wealth Management, vol. 14, no. 2, pp. 101-111, 2012.
III. Guest editor and editor of book series
Guest co-editor, Journal Economic Dynamics and Control, special issue, vol. 37, no. 8, 2013.
Guest co-editor, Journal Economic Dynamics and Control, special issue in honor of Carl Chiarella
Guest co-editor of a special issue of the Journal of Economic Behavior and Organization, special issue on the Financial Crisis, 2012/2013, vol. 83, no. 3.
Guest co-editor of a special issue of the Journal of Economic Behavior and Organization on the Financial Crisis, 2012
Guest co-editor of a special issue of the Journal of Economic Dynamics and Control, selected papers of the 14th International Conference on Computing and Finance, Paris 2008, 2010, vol 34, no 9.
Co-editor (with Stefan Mittnik) on “Dynamic Modeling and Econometrics in Economics and Finance, Springer Publishing House.